November 24th, 2008
By: Stephanie
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It's November 24th, 2008 and time for our Angel Pair Picks!
We have three indications of trades today, but we are only going to place trades on one pair.
Our trading methods indicate potential shorts on EUR/USD and GBP/USD. Also, there is indication of a potential long on the USD/CAD.
For the EUR/USD, we will be placing two, 1-lot sell stop orders to enter the market at 1.2872. We are setting the initial stop loss at 1.2988. The first lot will get a Take Profit order of 1.2766 and we will trail a stop on the second lot for 100 pips.
If we were going to trade the GBP/USD pair, we would likely place a sell stop order at 1.4692 with an initial stop at 1.5191. Also, on one of our lots we would place a Take Profit at 1.4405. Notice this trade would have almost a 500 pip stop loss. If this trade turns against us, we could potentially lose $5000 per lot, so we are going to pass on this one. At a potential loss of $5000 each lot, that exceeds our money management rules that helps us minimize our risk.
We are also passing on the USD/CAD pair. We could enter long at market with an initial stop loss of 1.2240 and a take profit of 1.2662. Since the market price is currently around 1.2340, it might not be a bad trade. But we have chosen to only trade the EUR/USD pair today.
Check back tomorrow to see how our picks make out! May your wins be profitable and your losses minimal! Good Trading Guys!
IMPORTANT NOTE: These are not Forex picks nor Forex recommendations. This information is provided for educational and informational purposes only. Use this information at your own risk. You MUST apply your own trading methods and your own opinions to an Angel Pair Pick to determine if a trade should be considered. Also, you do not need to trade all of the Angel Pair Pick pairs, nor should you. There's no need to place more than a few trades on any given day and our recommendation is when you get to 6 open positions, don't add any more trades until one of them is closed out.
Note: Forex, futures, stock, and options trading is not appropriate for everyone. There is a substantial risk of loss associated with trading these markets. Losses can and will occur. No system or methodology has ever been developed that can guarantee profits or ensure freedom from losses. No representation or implication is being made that using Angel Pair Picks will generate profits or ensure freedom from losses.
